TITLE 14: COMMERCE
SUBTITLE A: REGULATION OF BUSINESSCHAPTER I: SECRETARY OF STATE
PART 130
REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
SECTION 130.822 EXAMINATIONS DEEMED SATISFACTORY FOR PURPOSES OF DETERMINING SUFFICIENT KNOWLEDGE OF EACH PRINCIPAL UNDER SECTION 8.B(9)(A) OF THE ACT PRIOR TO REGISTRATION AS A DEALER

Section 130.822 Examinations
Deemed Satisfactory for Purposes of Determining Sufficient Knowledge of Each
Principal Under Section 8.B(9)(a) of the Act Prior to Registration as a Dealer

a) Passage of the Series 24 (formerly Series 40 or Series 00)
(General Securities Principal Examination) together with either the Series 63
(Uniform Securities Act Law Examination) or Series 66 (Uniform Combined State
Law Examination) conducted by FINRA shall qualify a principal or principals of
legal age in this State on behalf of a registered dealer without limitation in
this State.

b) Passage of the Series 26, 39 or 53 Examination together with
either the Series 63 Examination (Uniform Securities Act Law Examination) or
Series 66 (Uniform Combined State Law Examination) conducted by FINRA shall
qualify by examination a principal or principals of legal age in this State on
behalf of a registered dealer for registration in a limited capacity in this
State.

1) The Series 26 Examination (Investment Company/Variable
Contracts Products (ICVC) Principal Examination) together with either the
Series 63 (Uniform Securities Act Law Examination) or Series 66 (Uniform
Combined State Law Examination) shall qualify the registered dealer to offer or
sell variable annuities or securities issued by investment companies.

2) The Series 39 (Direct Participation Programs Principal (DPP)
Examination) together with either the Series 63 (Uniform Securities Act Law
Examination) or Series 66 (Uniform Combined State Law Examination) shall
qualify the registered dealer to offer or sell direct participation programs in
the form of limited partnerships or joint venture interests in tax shelter
programs.

3) The Series 53 (Municipal Securities Principal Examination) together
with either the Series 63 (Uniform Securities Act Law Examination) or Series 66
(Uniform Combined State Law Examination) shall qualify the registered dealer to
offer or sell securities of municipalities or industrial development revenue
obligations.

c) Passage of the Series 8 (General Securities Sales Supervisor
Examination or Branch Office Manager (NYSE) Examination) conducted by FINRA
shall qualify a principal or principals of legal age in this State on behalf of
a registered dealer pursuant to the limitations set forth by FINRA.

d) All scheduling for the examinations referred to in subsections
(a), (b) and (c) shall be made with, and fees paid to, an office of FINRA. The
applicant for registration as a dealer shall submit in writing satisfactory
evidence of passing the examination prior to registration in this State if that
information is not available to the Securities Department through the CRD.